by The luxury sunglasses market consists of premium quality sunglasses that offer superior UV protection and come with advanced lens coating and distinct designs. Luxury sunglasses provide style, comfort, and protection from sun glare and harmful blue light. The growing consumer demand for premium quality eyewear accessories that make a style statement is driving the luxury sunglasses market.
The global luxury sunglasses Market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for premium quality eyewear accessories is one of the major trends propelling the luxury sunglasses market. Consumers around the world are increasingly interested in buying sunglasses from leading luxury brands that offer superior craftsmanship, style, and protection from UV rays. Moreover, rising living standards and growing fashion consciousness among millennials and generation Z is fueling the sales of luxury sunglasses globally. Leading luxury brands are launching new collections continually and promoting them aggressively through digital marketing and celebrity endorsements, which is captivating more consumers. The trend is expected to continue and drive significant growth in the luxury sunglasses market over the forecast period.
SWOT Analysis
Strength: Luxury sunglasses have advanced lens technology that offers 100% UV protection and high definition optics for clear vision. They are made from premium materials like titanium and have niche designer brands with strong brand recognition.
Weakness: Luxury sunglasses have a very high cost which limits their customer base. Frequent introduction of new designs also renders some stock obsolete quickly. Dependence on seasonal demand makes foresee future sales difficult.
Opportunity: Rising health awareness about dangers of UV rays and desire for designer fashion accessories presents an opportunity to introduce new premium brands and product lines. Developing markets in Asia and Latin America offer prospects for future growth.
Threats: Easy availability of lower priced imitation brands online poses a threat. Economic slowdowns impact discretionary spending on luxury goods. Stringent environmental regulations for frame materials also affect production.
Key Takeaways
The Global Luxury Sunglasses Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global luxury sunglasses Market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to large populations and rising spending power in countries like China, India and South Korea. Luxury brands are focusing on expanding their retail presence and customization options in the region for continued market share. China has emerged as the largest market driven by growing luxury consumption and retail infrastructure. Other high potential countries include India, South Korea and Southeast Asian nations. The development of domestic luxury brands and manufacturing hubs in the region makes it an attractive sourcing base for international players as well. North America and Western Europe are relatively mature markets though online and personalized product options continue supporting sales growth.
Key players operating in the luxury sunglasses market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd. Frame materials innovation and new product categories like lifestyle eyewear are strategies adopted by leading brands to engage niche consumer segments and strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
